Nippon Oil settles March benzene ACP lower at $935/tonne

26 February 2010 12:33[Source: ICIS news]

SINGAPORE (ICIS news)--Nippon Oil has settled the benzene Asian Contract Price (ACP) for March at $15/tonne (€11/tonne) lower than the February price, in line with the weakening trend seen in the spot market this week and due to oversupply in Asia, a source with the Japanese producer said on Friday.

The contract price settlement of $935/tonne CFR (cost and freight) ?xml:namespace>Asia was $55/tonne lower than the company's nominated price, the source said.

The company reached the settlement late Friday evening.

Spot benzene prices in Asia dipped to $905-920/tonne FOB (free on board) Korea from $950-970/tonne FOB Korea seen on 19 February, according to global chemical market intelligence service ICIS pricing.